I would find this far, far more useful than the iPad, epsecially if:
1. It ran Windows 7; thus allowing a potentially seamless deployment target for apps written in one of MS's dev platforms (e.g.: .Net).
2. It had good real-world connectivity (e.g.: USB), and forward thinking Wi-Fi Direct.
3. it provided similar media/entertainment capabilities as the iPad.
Let's be honest: if MS is doing this as a reference work to influence others to build it, then this is a waste of our time. If MS is serious, but will wait to see what advantages/disadvantages the iPad has, then this may be too late. If MS is simply waiting until the market is perceived to be a billion-dollars in size (the typical threshold value of MS caring), then, again, it may be too late. They certainly were profoundly slow in the smartphone market. Stunningly so.
The business case for this device's focus - a notebook, where work is done and content is created, mixed and repurposed - hits the damn target in the middle, precisely where the iPad seems miles away. If MS fails to capitlize on this, they are truly on the decline towards becoming ho-hum and largely irrelevant. The future is mobile. Is Ray listening?